The economy of Jamaica shrank 2.3 percent year-on-year in the first quarter of 2020, after stalling in the previous period. It was the sharpest contraction since the second quarter of 2010, as the coronavirus pandemic began to hit the economy. Output shrank in wholesale & retail trade (-1.3 percent vs 0.7% in Q4 2019); hotels & restaurants (-14.1% vs 3.7%); transport, storage & communication (-2.5% vs 0.5%); finance & insurance services (-1.2% vs 3.3%). Also, construction output fell 3.3 percent, faster than a 1.9 percent contraction in the prior quarter. In addition, growth slowed in real estate (0.2% vs 0.7%); utilities (2.1% vs 2.8%); and food, beverages & tobacco (0.1% vs 1.8%). On a seasonally adjusted quarterly basis, the economy contracted 1.7 percent, the most since Q1 2009, after shrinking 0.5 percent in the previous period.
GDP Annual Growth Rate in Jamaica averaged 0.54 percent from 1997 until 2020, reaching an all time high of 4.30 percent in the fourth quarter of 2006 and a record low of -4.60 percent in the second quarter of 2009. This page provides - Jamaica GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Jamaica GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020.
GDP Annual Growth Rate in Jamaica is expected to be -4.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Jamaica to stand at 1.10 in 12 months time. In the long-term, the Jamaica GDP Annual Growth Rate is projected to trend around 1.80 percent in 2021 and 2.30 percent in 2022, according to our econometric models.